Oil prices slipped as traders weighed attacks on ships in the Strait of Hormuz against the International Energy Agency’s warning that diesel market tightness could last into next year.
01Summary
- 01Brent crude for December delivery fell 1.66% to $104.31 a barrel.
- 02U.S. West Texas Intermediate futures for November dropped 1.09% to $94.05 per barrel.
- 03A Singapore-registered ship was sunk in the Strait of Hormuz, heightening fears of a prolonged Middle East conflict.
- 04The International Energy Agency said on Wednesday that diesel market constraints could continue well into next year.
- 05Reuters reported that the Trump administration is considering easing sanctions on 'shadow fleet' vessels carrying oil and petroleum products.
02Why it matters
Oil moves quickly affect fuel costs, transport prices and inflation pressure. Escalating tensions around the Strait of Hormuz also raise the risk of supply disruptions in a key global shipping route.
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